It is essential that providers obtain the payments they are owed as quickly as reasonably possible, ensure payments are accurate and completely captured, and minimize costs to collect payments
The number of severe COVID-19 cases may be on the decline, but providers are still facing plenty of headwinds – including some that existed before the pandemic and some that the pandemic created.
Confronted with such challenges as staffing shortages and clinician burnout, rising patient demand for telehealth, increased costs for supplies and labor, and a lack of interoperability between different information systems, many providers are struggling to maintain pre-pandemic profitability levels.
That is why it is essential that providers obtain the payments they are owed as quickly as reasonably possible, ensure payments are accurate and completely captured, and minimize costs to collect payments. For many providers, solving these problems starts with adopting digital engagement tools that make it easier for patients to schedule appointments and obtain cost estimates prior to visits and for staff to capture payments details and establish payment plan options post-visit.
A non-exhaustive list of challenges facing providers
For many providers, their ability to remain financially viable into the future will depend on how they respond to challenges such as the following:
Better patient engagement through better tools
At various steps throughout the patient journey, providers can implement digital tools that promote patient engagement while increasing convenience and efficiency for patients and staff. Here are a few:
To thrive financially in a post-pandemic world, providers need to do everything they reasonably can to secure the payments that they are owed while minimizing the investment in resources to collect those payments. Digital patient engagement tools that boost convenience for patients and productivity for staff represent the path to get there.
Rajesh Voddiraju is president of Health iPASS, a Sphere Company.